Business
Hut 8 Mining Monthly Production Update for April 2022
6,769 self-mined Bitcoin in reserve following 309 generated last month TORONTO, May 6, 2022 /PRNewswire/ - Hut 8 Mining Corp. (Nasdaq: HUT) (TSX: HUT) ("Hut
About this update from Hut 8 Corp.
[{"type":"text","content":"6,769 self-mined Bitcoin in reserve following 309 generated last month\nTORONTO, May 6, 2022 /PRNewswire/ - Hut 8 Mining Corp. (Nasdaq: HUT) (TSX: HUT) (\"Hut 8\" or \"the Company\"), one of North America's largest, innovation-focused digital asset mining pioneers, supporting open and decentralized systems since 2018, advanced its Bitcoin holdings in the period ending April 30, 2022.\n\n \n \n \n \n \n \n\n \nProduction highlights for April 2022:309 Bitcoin were mined, resulting in an average production rate of 10.3 Bitcoin per dayOur Ethereum mining – for which we receive payment in Bitcoin – generated approximately 15% of our total production, at an average cost of less than C$3200 per Bitcoin100% of the self-mined Bitcoin for the month of April were deposited into custody, consistent with Hut 8's HODL strategyTotal Bitcoin balance held in reserve is 6,769 as of April 30, 2022Installed operating capacity currently sits at 2.58 EH/sAdditional updates for March 2022:Our mining up-time was curtailed for a few days in AprilAs unseasonable weather drove increased power demand from residents and businesses, we reduced our consumption to ensure a steady supply on the gridWe limited our consumption when the price of power supplied to our Drumheller facility spikedApril marked the last month that Hut 8 hosted miners; the company's operations became 100% self-mined on May 1, 2022\"Our upgraded machines allow us to be as nimble and efficient as possible,\" said Jason Zaluski, VP of Strategic Technologies, Hut 8. \"Although April was unseasonably cold, limiting our mining during a few snowstorms, we were able to increase our hashrate.\"\nAbout Hut 8Hut 8 is one of North America's largest innovation-focused digital asset miners, led by a team of business-building technologists, bullish on bitcoin, blockchain, Web 3.0 and bridging the nascent and traditional high performance computing worlds. With two digital asset mining sites located in Southern Alberta and a third site in North Bay, Ontario, all located in Canada, Hut 8 has one of the highest capacity rates in the industry and one of the highest inventories of self-mined Bitcoin of any crypto miner or publicly-traded company globally. With 36,000 square feet of geo-diverse data centre space and cloud capacity connected to electrical grids powered by significant renewables and emission-fr...